LRAP and Loan Amount? Forum

[Tempo]

So, I'm looking at NYU's LRAP program and it seems like they pay off your entire loans if you make less than 80k and work in PI for 10 years. Does it matter how much you have in loans? So, would person A with 30,000 in loans and person B with 100,000 in loans both be paid off in the same amount of time with LRAP?

[GreenEggs]

No it doesn't matter except for the fact that NYU has a bit of fine print to it. Like you're required to contribute 15k-20k directly towards loans before you even get LRAP. So if you have 30k in loans, you're only going to get LRAP to cover 10k of it. If you're banking on LRAP, I'd make sure to look at other programs.

[Tempo]

No it doesn't matter except for the fact that NYU has a bit of fine print to it. Like you're required to contribute 15k-20k directly towards loans before you even get LRAP. So if you have 30k in loans, you're only going to get LRAP to cover 10k of it. If you're banking on LRAP, I'd make sure to look at other programs.

Oh, interesting. So hypothetically, if I were to bank on LRAP and had 90k saved for law school, it would be smart to save 20k of that to initially pay off the loan and take 20k more in loans?

[GreenEggs]

No it doesn't matter except for the fact that NYU has a bit of fine print to it. Like you're required to contribute 15k-20k directly towards loans before you even get LRAP. So if you have 30k in loans, you're only going to get LRAP to cover 10k of it. If you're banking on LRAP, I'd make sure to look at other programs.

Oh, interesting. So hypothetically, if I were to bank on LRAP and had 90k saved for law school, it would be smart to save 20k of that to initially pay off the loan and take 20k more in loans?

In a perfect world, yes. But they also don't let you use LRAP if you have more than 20k in savings (outside of retirement accounts), I can't remember if you first have to get your savings below 20k, then enroll, then contribute the 20k.

But also realize that only a couple low % of alumni ever actually use LRAP, a lot more say they intend than ever do. It's a gamble.

[Tempo]

No it doesn't matter except for the fact that NYU has a bit of fine print to it. Like you're required to contribute 15k-20k directly towards loans before you even get LRAP. So if you have 30k in loans, you're only going to get LRAP to cover 10k of it. If you're banking on LRAP, I'd make sure to look at other programs.

Oh, interesting. So hypothetically, if I were to bank on LRAP and had 90k saved for law school, it would be smart to save 20k of that to initially pay off the loan and take 20k more in loans?

In a perfect world, yes. But they also don't let you use LRAP if you have more than 20k in savings (outside of retirement accounts), I can't remember if you first have to get your savings below 20k, then enroll, then contribute the 20k.

But also realize that only a couple low % of alumni ever actually use LRAP, a lot more say they intend than ever do. It's a gamble.

Ah, okay. Thanks for the help. I guess I'll pray for scholly instead.

[GreenEggs]

No it doesn't matter except for the fact that NYU has a bit of fine print to it. Like you're required to contribute 15k-20k directly towards loans before you even get LRAP. So if you have 30k in loans, you're only going to get LRAP to cover 10k of it. If you're banking on LRAP, I'd make sure to look at other programs.

Oh, interesting. So hypothetically, if I were to bank on LRAP and had 90k saved for law school, it would be smart to save 20k of that to initially pay off the loan and take 20k more in loans?

In a perfect world, yes. But they also don't let you use LRAP if you have more than 20k in savings (outside of retirement accounts), I can't remember if you first have to get your savings below 20k, then enroll, then contribute the 20k.

But also realize that only a couple low % of alumni ever actually use LRAP, a lot more say they intend than ever do. It's a gamble.

Ah, okay. Thanks for the help. I guess I'll pray for scholly instead.

Yeah focus on scholarships first, then attend ASW's and go to the LRAP sessions, they're usually pretty helpful and clear. It's not that LRAP isn't real, it's just that most people don't pursue careers that LRAP covers.

[Tempo]

No it doesn't matter except for the fact that NYU has a bit of fine print to it. Like you're required to contribute 15k-20k directly towards loans before you even get LRAP. So if you have 30k in loans, you're only going to get LRAP to cover 10k of it. If you're banking on LRAP, I'd make sure to look at other programs.

Oh, interesting. So hypothetically, if I were to bank on LRAP and had 90k saved for law school, it would be smart to save 20k of that to initially pay off the loan and take 20k more in loans?

In a perfect world, yes. But they also don't let you use LRAP if you have more than 20k in savings (outside of retirement accounts), I can't remember if you first have to get your savings below 20k, then enroll, then contribute the 20k.

But also realize that only a couple low % of alumni ever actually use LRAP, a lot more say they intend than ever do. It's a gamble.

Ah, okay. Thanks for the help. I guess I'll pray for scholly instead.

Yeah focus on scholarships first, then attend ASW's and go to the LRAP sessions, they're usually pretty helpful and clear. It's not that LRAP isn't real, it's just that most people don't pursue careers that LRAP covers.

Cool, thanks. I'll be going to NYU's ASW next week, so I'll be attending that session for sure.